Fungicides are a type of pesticides that are used for the protection of crops against any fungi or spore growth. These products are produced as biochemical compounds that are incorporated with various inhibitors that help in the reduction of growth any harmful fungi in crops. These chemical compounds are highly effective in promotion of agricultural yield from the same land, providing better quality of the crops which result in higher profit margins for the farmers.
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Fungicides market is growing due to increasing incidences of pest attack, changes in agriculture techniques; the effects of these factors are mentioned below:
Strategic acquisitions and product innovations presented by various market players:
The market is segmented on the basis of type as benzimidazoles, dithiocarbamates, phenylamides, chloronitriles, strobilurins, triazoles, others; crop type is categorized into cereals & grains, oilseeds & pulses, fruits & vegetables, others; mode of application as foliar spray, soil treatment, post-harvest, seed treatment; form as liquid form, water-disposable granule, wettable powder.
“According to Data Bridge Market Research, global fungicides market is expected be growing with a substantial CAGR of 5% during the forecast period of 2018 to 2025”
Some of the major players operating in market are BASF SE, The Dow Chemical Company, DuPont, Sumitomo Chemical Co., Ltd, Syngenta, Bayer AG, FMC Corporation, ADAMA India Private Limited, Nufarm Limited, NIPPON SODA CO., LTD, FMC Corporation, Monsanto Company The Dow Chemical Company, UPL and LANXESS among others.
The population explosion in a number of different regions has been accompanied by the enhancement of agricultural operations in various developing regions of the world. This expansion strategy is also having a positive impact on the various associated industries and their products, with pesticides and fertilizers consisting of the industries that have had a positive impact on their demands. This trend represents an emerging opportunity for the fungicides manufacturers as they can look towards untapped developing regions of the world to expand their business operations.
Global Fungicides Market – Industry Trends and Forecast to 2025